Feb 19, 2017
Kraft Heinz drops Unilever takeover bid
Kraft Heinz has said it has dropped its plan to buy Anglo-Dutch rival Unilever. Marmite-maker Unilever rejected the US food giant's bid on Friday, saying it saw "No merit, either financial or strategic" in Kraft's offer, worth about $143bn. "Unilever and Kraft Heinz hold each other in high regard," the companies said in a joint statement. The deal would have been one of the biggest in corporate history, combining dozens of household names. Unilever owns Ben & Jerry's ice cream, Dove soap, and Hellmann's mayonnaise, while Kraft's range includes Philadelphia cheese and Heinz baked beans.
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